VAT regulation amendments
We want to make you aware of the recent modification of article 167 of the 37/92 law and article 74 of regulation 1624/92 regarding Value Added Tax which from 01/01/2015 allows the VAT on Imports rates to be included in your declaration-statement corresponding to the period in which the DUA was submitted so that your company doesn’t have to pay this tax at the time of presenting it.
This tax advantage is available to importers that are registered in the Monthly Return Register before 31/01/2015 declaring his option through the appropriate census statement (AEAT form 036) and that have a guaranteed annual turnover above 6 million euros.
Importers that have still not registered and that wish to declare and pay the VAT on Imports in their monthly statement, will also have to register at the above mentioned Register with form 036 before 30/11/2014. Regarding the date, it is possible that the Tax Agency will change the criteria and will extend the time limit until 31/01/2015 (the same as for the option), so we ask that you check with your financial advisor.
As we understand that the above mentioned reform will be a big tax advantage for your company and taking into account the legal deadlines, we ask that you confirm your choice of this option so we can submit your dispatches to Customs correctly from 2015.
– VAT regulation modification circular (spanish)
– VAT regulation modification (spanish)